Madinet Masr, one of Egypt's urban community developers, signed a Memorandum of Understanding (MoU): with Elmarakby Steel, one of the leading companies in the field of production and supply of iron and steel products, to work on a waste management strategy for construction sites. The MoU aims to lower carbon emissions, reduce waste and enhance environmental and economic sustainability in the construction industry. This aligns with the increasing global trend for companies to seek sustainable and environmentally friendly alternatives in their supply chains. Elmarakby Steel is recognized as a leader in producing reinforced steel rebar and wire rods with the lowest carbon emissions in Egypt, the Arab region and North Africa, according to the latest data from the World Steel Association. Madinet Masr is the first real estate developer to sign such a strategic partnership with Elmarakby Steel to support suppliers who follow low-carbon production routes, and enhance the closed-loop cycle in the construction industry. Madinet Masr supplies the majority of its reinforced steel rebar needs with the lowest carbon emissions from Elmarakby Steel, in line with the company's strategy to reduce its carbon footprint. Madinet Masr also collects scrap generated from its construction sites and its contractors, and sends it to Elmarakby Steel to be transformed into new reinforced steel and wire rods, and then reintegrated into the construction process. This supports the efforts of the Egyptian government to achieve the sustainability vision for Egypt 2030. Abdallah Sallam, President and CEO of Madinet Masr, commented on the signing of the MoU: "We are committed to promoting sustainability in all aspects of our operations in the construction industry, and we believe that our partnership with Elmarakby Steel represents a remarkable step towards a more sustainable future for Egypt. It will contribute to reducing our carbon footprint and enhancing the sustainable use of resources. Economic development is no longer the sole indicator of the success of developers, as there are other criteria to consider." Hassan Elmarakby, Chief Executive Officer of Elmarakby Steel, said: "We are pleased to partner with Madinet Masr as one of the leading developers in the field of real estate development, which reflects our shared commitment to achieving sustainability. This partnership contributes to promoting sustainable economic practices in the construction industry, to benefit the overall ecosystem." Dena Habib, VP Corporate Relations of Madinet Masr, said: "We are proud to be the first developer to sign this first-of-its-kind MoU as part of our unwavering commitment to creating sustainable communities across all aspects of our operations, economically, socially and environmentally, and according to the highest quality standards." Ramy Saleh, Chief Business Development and Sustainability Officer of Elmarakby Steel, said: "Our strategic partnership with Madinet Masr as one of the leading real estate developers in Egypt is a significant breakthrough, and we take pride that Elmarakby Steel products have the lowest carbon emissions in Egypt and in the region. The steel industry plays a crucial role in the growth of societies, so we seek to develop our products in line with the country's direction to reduce the environmental impact associated with steel manufacturing and limit carbon emissions. In addition to developing the circular economy, this also contributes to scaling up growth, opening horizons for green financing, and fostering the development of Egyptian exports in the steel and real estate sectors." Since 1960, Elmarakby Steel serves its wide customer base through the distribution and supply of iron and steel all over Egypt. Stemming from its leading position as an integrated industrial leader from recycling, melting and processing of scrap to produce high-quality steel with the lowest emissions, Elmarakby Steel is proud to supply quality products to some of the country's iconic projects as well as exporting to Africa, Asia, Europe, and North and South America
